Feeds

Virgin will float next month

Let's go fly a kite

  • alert
  • submit to reddit

Build a business case: developing custom apps

Virgin Mobile has at last confirmed the rumours - it will float on the London Stock Exchange next month. The mobile operator is selling off 40 per cent of itself and is hoping the share sale will value the company at about £1bn, according to anonymous sources speaking to Bloomberg.

The company said in a statement: "It is intended that the Global Offer will be completed before the end of July and that shares will be sold to institutional investors in the UK and internationally. All Virgin Mobile employees who have worked for the company for more than a year will also receive a gift of free shares following the listing."

Virgin Mobile chairman Richard Branson said: "In less than five years Virgin Mobile has grown from scratch to acquire more than four million customers. I am very proud of what the team has achieved so far and am confident that, following the IPO, Virgin Mobile will go from strength to strength."

He is stepping down as chairman of Virgin Mobile. His replacemnt is Charles Gurassa, who was previously chief executive of Thomson Travel.

Bankers Morgan Stanley and JP Morgan Chase will run the sale. Virgin claims 2.8m subscribers in the UK. ®

Related stories

Virgin Mobile edges closer to IPO
Virgin Mobile float is go
Virgin Mobile 'preps £1.3bn float'

The essential guide to IT transformation

More from The Register

next story
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
True fact: 1 in 4 Brits are now TERRORISTS
YouGov poll reveals terrible truth about the enemy within
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?